2021 Q1 Form 10-K Financial Statement

#000156276221000136 Filed on March 30, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2019 Q4 2019
Revenue $2.458M $2.724M $10.06M
YoY Change -45.99% 40.71% -12.98%
Cost Of Revenue $1.042M $1.553M $5.938M
YoY Change -34.25% 14.08% 51.01%
Gross Profit $1.416M $1.170M $4.119M
YoY Change -52.26% 103.87% -45.98%
Gross Profit Margin 57.61% 42.97% 40.95%
Selling, General & Admin $2.186M $2.169M $8.296M
YoY Change 6.39% 0.22% 2.58%
% of Gross Profit 154.41% 185.36% 201.42%
Research & Development $724.0K $1.312M $3.610M
YoY Change -56.84% 1630.52% -2.8%
% of Gross Profit 51.13% 112.07% 87.65%
Depreciation & Amortization $141.6K $137.0K $600.1K
YoY Change -18.6% -3.56% 41.11%
% of Gross Profit 10.0% 11.7% 14.57%
Operating Expenses $3.077M $3.618M $12.51M
YoY Change -21.24% -24.21% 1.78%
Operating Profit -$1.661M -$2.448M -$8.387M
YoY Change 76.57% -41.72% 79.87%
Interest Expense $32.52K -$46.36K $236.7K
YoY Change -57.87% 155.43% -210.6%
% of Operating Profit
Other Income/Expense, Net -$32.99K -$434.9K
YoY Change -56.14%
Pretax Income -$1.694M -$2.494M -$8.822M
YoY Change 66.75% -40.87% 22.26%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$1.694M -$2.494M -$8.822M
YoY Change 66.75% -40.87% 22.26%
Net Earnings / Revenue -68.92% -91.57% -87.72%
Basic Earnings Per Share
Diluted Earnings Per Share -$30.57K -$48.54K -$184.9K
COMMON SHARES
Basic Shares Outstanding 55.41M
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q1 2019 Q4 2019
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.027M $273.6K $273.6K
YoY Change 393.33% -50.64% -50.64%
Cash & Equivalents $1.027M $273.6K
Short-Term Investments
Other Short-Term Assets $342.4K $601.7K $601.8K
YoY Change -51.3% -18.28% -18.27%
Inventory
Prepaid Expenses
Receivables $1.366M $614.7K $1.142M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $3.897M $2.017M $2.017M
YoY Change 37.79% -18.38% -18.38%
LONG-TERM ASSETS
Property, Plant & Equipment $1.132M $260.7K $260.7K
YoY Change 3324.01%
Goodwill $496.4K $496.4K
YoY Change -7.66%
Intangibles $1.275M $1.762M
YoY Change
Long-Term Investments
YoY Change
Other Assets $314.7K $67.79K $67.79K
YoY Change 372.18% -87.14% -87.14%
Total Long-Term Assets $4.399M $3.847M $3.847M
YoY Change 1.59% -22.43% -22.43%
TOTAL ASSETS
Total Short-Term Assets $3.897M $2.017M $2.017M
Total Long-Term Assets $4.399M $3.847M $3.847M
Total Assets $8.296M $5.864M $5.864M
YoY Change 15.9% -21.08% -21.08%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.244M $3.257M $3.257M
YoY Change -38.08% 88.08% 88.08%
Accrued Expenses $631.1K $538.6K $538.6K
YoY Change -9.24% 49.82% 49.82%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $432.2K $681.3K $681.3K
YoY Change -36.78% -46.76% -46.76%
Total Short-Term Liabilities $4.478M $5.226M $5.226M
YoY Change -31.58% -13.65% -13.65%
LONG-TERM LIABILITIES
Long-Term Debt $1.491M $1.568M $1.568M
YoY Change -9.03% 706.63% 706.63%
Other Long-Term Liabilities $2.058M $785.7K $785.7K
YoY Change 60.24% -8.69% -8.69%
Total Long-Term Liabilities $3.549M $2.353M $2.353M
YoY Change 21.41% 123.09% 123.09%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.478M $5.226M $5.226M
Total Long-Term Liabilities $3.549M $2.353M $2.353M
Total Liabilities $8.027M $7.579M $7.579M
YoY Change -15.22% 6.65% 6.65%
SHAREHOLDERS EQUITY
Retained Earnings -$101.3M -$96.66M
YoY Change
Common Stock $55.41K $51.38K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $269.4K -$1.714M -$1.714M
YoY Change
Total Liabilities & Shareholders Equity $8.296M $5.864M $5.864M
YoY Change 15.9% -21.08% -21.08%

Cashflow Statement

Concept 2021 Q1 2019 Q4 2019
OPERATING ACTIVITIES
Net Income -$1.694M -$2.494M -$8.822M
YoY Change 66.75% -40.87% 22.26%
Depreciation, Depletion And Amortization $141.6K $137.0K $600.1K
YoY Change -18.6% -3.56% 41.11%
Cash From Operating Activities -$1.902M -$1.938M -$5.750M
YoY Change 459.55% -22.65% 26.4%
INVESTING ACTIVITIES
Capital Expenditures $75.85K $323.3K $12.28K
YoY Change 1445.79% -110.27% -100.35%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$126.4K $323.3K -$557.2K
YoY Change 516.81% -110.27% -84.19%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $2.800M
YoY Change -65.23%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -221.1K 916.1K 6.004M
YoY Change -170.32% -11.65% -25.86%
NET CHANGE
Cash From Operating Activities -1.902M -1.938M -5.750M
Cash From Investing Activities -126.4K 323.3K -557.2K
Cash From Financing Activities -221.1K 916.1K 6.004M
Net Change In Cash -2.256M -699.0K -280.7K
YoY Change 3349.9% -84.86% -1285.2%
FREE CASH FLOW
Cash From Operating Activities -$1.902M -$1.938M -$5.750M
Capital Expenditures $75.85K $323.3K $12.28K
Free Cash Flow -$1.978M -$2.262M -$5.762M
YoY Change 473.59% -452.17% 462.81%

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<div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;">The Company</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&#xFEFF;</font> </p> <p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Mobivity Holdings Corp. (the &#x201C;Company&#x201D; or &#x201C;we&#x201D;) is in the business of developing and operating proprietary platforms over which brands and enterprises can conduct national and localized, data-driven marketing campaigns.&nbsp;</font> </p> <p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&#xFEFF;</font> </p> <p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;color:#000000;">Mobivity&#x2019;s Recurrency platform enables multi-unit retailers to leverage the power of their own data to yield maximum customer spend, frequency and loyalty while achieving the highest Return on Marketing Spend (ROMS) possible. Mobivity&#x2019;s customers use Recurrency to:</font> </p> <p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&nbsp;</font> </p> <div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;"> <p style="vertical-align:baseline;color:#000000;font-family:Times New Roman;font-size: 10pt;margin:0pt;"> <font style="margin:0pt;font-family:Symbol;font-size:10pt;vertical-align:baseline;color:#000000;;"> &#xB7;</font> </p> </td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top"> <p style="vertical-align:baseline;color:#000000;font-family:Times New Roman;font-size: 10pt;margin:0pt;"> <a name="_Aci_An10_3F"></a><a name="_Aci_Pa10_2D31387C3336"></a><a name="_7d88af0417c84ea58b2c09ffe8098029"></a><a name="_1eeca22b48ee4d6d9e8d1631a5b07bc0"></a><a name="_c43889fdf1ea4f83b7762c13e02d1595"></a><a name="_5b3bfc79100f4f25a5ab490a33bb2170"></a><a name="_94b88f25930e470ea6301b7cbd435121"></a><a name="_48b164fca78743bf83aa8fe981bf57fa"></a><a name="_68f75a48a9f04e84ba25b8a7288c1246"></a><a name="_fe01a2cac2c04c3ebef97fb077a92c22"></a><a name="_ffecb403231945fe94681d579f9e4f1a"></a><a name="_32962a4aae7a4af78ce7b6b2bba2c38e"></a><a name="_e97ca54e84364ab2ab6806659e39dcce"></a><a name="_10c29dc44ba04024b3e9113ccc4a6a08"></a><a name="_77b66c075b024a3da6911098dd7396cb"></a><a name="_456fe43f3b3240b4ae7016f32197f37f"></a><a name="_e9a5d3085c9649d58b5771b1b2349c17"></a><a name="_ecb33ed8831f4e128727aa7514e31ac7"></a><a name="_3eca12c338a642e4b623ee6e2a8dc193"></a><a name="_c5b13e11f22d4ef3af8494aa9b7a413b"></a><a name="_5362563645184eebb43ea4aa3062f45b"></a><a name="_474b39a58b37444599dd22051eedd6bb"></a><font style="display: inline;color:#000000;">Transform messy point-of-sale (POS) data collected from</font><font style="display: inline;color:#000000;"> thousands</font><font style="display: inline;color:#000000;"> of points of sale into usable intelligence.</font></p></td></tr></table></div> <div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;"> <p style="vertical-align:baseline;color:#000000;font-family:Times New Roman;font-size: 10pt;margin:0pt;"> <font style="margin:0pt;font-family:Symbol;font-size:10pt;vertical-align:baseline;color:#000000;;"> &#xB7;</font> </p> </td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top"> <p style="vertical-align:baseline;color:#000000;font-family:Times New Roman;font-size: 10pt;margin:0pt;"> <a name="_Aci_An11_3F"></a><a name="_Aci_Pa11_2D31387C3336"></a><font style="display: inline;color:#000000;">Measure, predict, and boost guest frequency and spend by channel.</font></p></td></tr></table></div> <div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;"> <p style="vertical-align:baseline;color:#000000;font-family:Times New Roman;font-size: 10pt;margin:0pt;"> <font style="margin:0pt;font-family:Symbol;font-size:10pt;vertical-align:baseline;color:#000000;;"> &#xB7;</font> </p> </td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top"> <p style="vertical-align:baseline;color:#000000;font-family:Times New Roman;font-size: 10pt;margin:0pt;"> <a name="_Aci_An12_3F"></a><a name="_Aci_Pa12_2D31387C3336"></a><font style="display: inline;color:#000000;">Deploy and manage one-time use offer codes and attribute sales accurately across every channel, promotion and media program.</font></p></td></tr></table></div> <div style="width:100%"><table style="width:100%; 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In fact, by 2003 &#x2014; when the concept of &#x201C;big data&#x201D; became common vernacular in marketing - as much data was being created every two day as had been created in all of time prior to 2003. Today, Big Data has grown at such a rate that 90% of the world&#x2019;s data has been created in the past two years. Unfortunately, despite there being so much data accumulated, only one percent of data is being utilized today by most businesses.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 12pt"> <font style="display: inline;font-size:12pt;color:#000000;">&#xFEFF;</font> </p> <p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;color:#000000;">The challenge for multi-unit retailers isn&#x2019;t that they don&#x2019;t have enough data; in fact, national retailers are collecting</font><font style="display: inline;color:#000000;"> millions</font><font style="display: inline;color:#000000;"> of detailed transactions daily from</font><font style="display: inline;color:#000000;"> thousands</font><font style="display: inline;color:#000000;"> of points of sale around the world. The challenge is being able to make sense of this transaction data, which is riddled with data entry errors, collected by multiple POS systems and complicated by a taxonomy compiled by</font><font style="display: inline;color:#000000;"> thousands</font><font style="display: inline;color:#000000;"> of different franchisee owners. To normalize such an overwhelming amount of data into usable intelligence and then leverage it to optimize media investment and promotion strategy requires numerous teams of data analysts and data scientists that many retailers and restaurant operators simply don&#x2019;t have. Which is why so many technology and data companies, that can help solve these challenges, have been invested in and acquired by brands including, McDonald&#x2019;s, Starbucks and Yum Brands.</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 12pt"> <font style="display: inline;font-size:12pt;color:#000000;">&#xFEFF;</font> </p> <p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;color:#000000;">Mobivity&#x2019;s Recurrency platform fills this need with a self-service SaaS offering, enabling operators to intelligently optimize their promotions, media and marketing spend. Recurrency drives system-wide sales producing on average a </font><font style="display: inline;color:#000000;">13%</font><font style="display: inline;color:#000000;"> increase in guest spend and a </font><font style="display: inline;color:#000000;">26%</font><font style="display: inline;color:#000000;"> improvement in frequency, ultimately delivering an average Return on Marketing Spend of 10X. In other words, for every dollar invested in marketing, retailers using Recurrency to manage, optimize and deliver multi-channel&nbsp;consumer promotions generate an average of ten dollars in </font><font style="display: inline;font-style:italic;color:#000000;">incremental</font><font style="display: inline;color:#000000;"> revenue from their customers.</font> </p> <p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;color:#000000;">&#xFEFF;</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;color:#000000;">We generate revenue by charging the resellers, brands and enterprises a per-message transactional fee, or through fixed or variable software licensing fees.</font> </p> <p><font size="1"> </font></p> </div> </div>
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<div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;">Reclassifications</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&#xFEFF;</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Certain prior year amounts have been reclassified to conform to the current year&#x2019;s presentation.&nbsp;The reclassifications had no effect on previously reported net loss.</font> </p> <p><font size="1"> </font></p> </div> </div>
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CY2020 us-gaap Use Of Estimates
UseOfEstimates
<div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;">Use of Estimates</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&#xFEFF;</font> </p> <p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Preparation of our consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying disclosures. These estimates are based on management's best knowledge of current events and actions we may undertake in the future. Significant estimates used are those related to: stock-based compensation; valuation of acquired assets, intangible assets and liabilities; useful lives for depreciation and amortization of long-lived assets; future cash flows associated with impairment testing for goodwill, indefinite-lived intangible assets and other long-lived assets; valuation of derivative liabilities; valuation allowance for deferred tax assets; and contingencies.</font> </p> <p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&#xFEFF;</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Actual results may ultimately differ from estimates, although management does not generally believe such differences would materially affect the consolidated financial statements in any individual year. However, in regard to ongoing impairment testing of goodwill and indefinite-lived intangible assets, significant deterioration in future cash flow projections or other assumptions used in estimating fair values versus those anticipated at the time of the initial valuations, could result in impairment charges that materially affect the consolidated financial statements in a given year.</font> </p> <p><font size="1"> </font></p> </div> </div>
CY2019 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
47720507
CY2020 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
51575454

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